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1 <br /> DEVELOPERS AGREEMENT BETWEEN (� <br /> INDIAN RIVER COUNTY, FLORIDA <br /> AND <br /> ASHLEY LAKES NORTH, LLC <br /> FOR ASHLEY LAKES NORTH SUBDIVISION <br /> THIS AGREEMENT, entered this 13th day of Septemher , 20057 by and <br /> between INDIAN RIVER COUNTY, FLORIDA, a political subdivision of the State of <br /> Florida, 1840 25 'h Street, Vero Beach, Florida 32960 hereafter called COUNTY and <br /> Ashley Lakes North, LLC , a Florida Limited Liability Company, 3696 N . Federal <br /> Highway, Suite 203 , Fort Lauderdale, Florida 33308 , telephone (954) 567- 5161 , hereafter <br /> referred to as the DEVELOPER <br /> WITNESSETH <br /> WHEREAS, the DEVELOPER has applied to develop a residential community <br /> to be known as Ashley Lakes North Subdivision on approximately 75 acres of land on the <br /> east side of 66th Avenue, between 45th Street and 49th Street in Indian River County, <br /> Project Number SD-04- 10-48 (2004020225), the legal description is attached as Exhibit <br /> " A ' and incorporated herein by reference, and ; <br /> WHEREAS, the COUNTY and DEVELOPER share mutual concerns with <br /> respect to improvements at the intersection of 45th Street/581h Avenue, and ; <br /> WHEREAS the COUNTY is planning to make improvements to the intersection <br /> of 45th Street/58th Avenue, and ; <br /> WHEREAS, both the COUNTY and DEVELOPER can mutually benefit each <br /> other through a joint effort that will share the cost of the proposed 45th Street/581h Avenue <br /> intersection improvements . <br /> NOW , THEREFORE, in consideration of the mutual terms, conditions, <br /> promises, covenants and premises hereinafter, the COUNTY and DEVELOPER agree as <br /> follows : <br /> 1 . The above recitals are affirmed as being true and correct and are thereby <br /> incorporated herein . <br /> 2 . To accommodate increased traffic generated by the Ashley Lakes North <br /> Subdivision, the COUNTY will be required to make improvements to the <br /> intersection of 45th Street/58th Avenue in the amount of $747, 921 . 08 , of which the <br /> DEVELOPER' S share is 7 . 46% or $ 55 , 794 . 91 . The DEVELOPER shall also <br /> contribute $30 , 000 . 00 toward the future COUNTY design and installation of <br /> traffic signals at the intersections of 45th Street/66th Avenue and 49th Street/66th <br />